Eye on the Future by ProQuest

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   Eye on the Future
   Shape your rental business by wisely managing expense cuts now


        I
                t’s too early to say for certain, but many of      cess, so you should attempt a wide variety of strategies
                the rental business owners and operators I’ve      to help make the best use of their time.
                been talking to are starting to become more            Consider using on-site formal training and have
                optimistic. They are telling me that their local   everyone trained at the same time so everybody is
   economies are just starting to rebound. Even though             working from the same playbook. Don’t just focus
   they sense the worst might be over, they say their busi-        training solely on equipment familiarization. When
   nesses are still feeling the pain. All have made cuts to        I am conducting rental employee training for clients,
   adjust their expenses.                                          I also train them in process, procedures, teamwork,
        Whether your local economy is rebounding or simply         safety, and particularly stress the importance of doing
   bouncing, it’s difficult for some to think much about           their tasks efficiently. It’s amazing how much time is
   the future when for so many months in a near crisis             inadvertently wasted every day. Structured training
   mode. Even though it has been necessary to focus on             should be one of a rental business’s top initiatives. A
   expense reduction and related issues in the near term,          series of company-wide training sessions are definitely
   it’s important to stay aware of the potential longer-term       worth the investment.
   consequences of actions you have been forced to make.               Also, consider developing and implementing a true
   Some of the consequences will no doubt be positive              performance appraisal system. This is a vital ingre-
   for the future as well, but some of the unintended con-         dient for maximizing employee productivity. Most
   sequences could hurt your business down the road if             training strategies will not produce the huge divi-
   you don’t implement ways to minimize any negative               dends you desire without an effective performance
   effects on your business.                                       appraisal system in place. Important components of
        So, take an objective look at each of the expense          an effective training program are the measuring of
   reductions you have made. Do certain cuts made in your
   advertising, for example, make sense for the future? I
   know that some rental business owners have dramati-                                   
								
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